Revolution Money aims to revolutionize money

By Michael Santo
Executive Editor, RealTechNews

We already have Google Checkout and PayPay; do we really need another online payment service? Steve Case seems to think so …

The new venture is called Revolution Money and allows users to transfer money at no charge, as well offers a credit card for business that has lower fees for the money they get charged to accept it.

Businesses are only required to pay 0.5 percent of the total sale made on the RevolutionCard to the company, rather than the industry average of 1.9 percent. In addition, consumers gain the added security of a PIN number on their cards.

If the customer desires, the card could even include no name or account number on it, making transactions anonymous and the card useless to thieves who would need the PIN number in order to use it. Source: BetaNews

We Say: I like the idea of an ID-less card that requires a PIN, and I’m sure businesses will love the lower transaction fees, but where are the rewards? I’m currently getting 5% on gasoline and groceries, and 1% on everything else, and I’m not giving that up.